After disrupting the trend of lower readings last week, this week’s reading on initial jobless claims returned to improvements as the print totaled 192K. That means eight of the last nine weeks have seen claims come in below 200K as the indicator continues to show a historically healthy labor market.

Before seasonal adjustment, claims are sitting at 217.4K. That marked a slight decline from 238.8K the previous week and little change versus the comparable week last year. From this point of the year, based on seasonal patterns claims are likely to continue falling through the spring albeit at a slower rate than what has been observed over the past few months.

Not only were initial claims strong, but so too were continuing claims. The seasonally adjusted number fell back into the 1.6 million range after topping 1.7 million (the highest level since mid-December) last week. Like initial claims, continuing claims remain at healthy levels consistent with the few years prior to the pandemic. 

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